Richard Miller operates a kiosk in downtown Chicago, at which he sells one style of baseball hat. He buys the hats from a supplier for $20 and sells them for $25. Richard's current breakeven point is 15,800 hats per year. Richard has decided to increase his sales price to $26 to offset the supplier's price increase. He believes that the increase wil result in a 5% reduction from last year's sales volume. What is Richard's expected net income, assuming a 30% tax rate? Net income